Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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What type of journal entry system is applied when accounting follows IFRS?
Are debits or credits typically listed first in general journal entries? Are the debits or the credits indented?
Explain the phrase “debits equal credits” with regard to journal entries.
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- What is the relationship between the accounting equation and the double-entry system of recording journal entries?arrow_forwardAre debits or credits listed first in journal entries? Are debits or credits indented?arrow_forwardPosting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.arrow_forward
- Which of the following journals is called an all-purpose journal? Please explain with full explanation. a. general journal b. purchases journal c. revenue journal d. accounting journalarrow_forwardHow does the journal differ from the ledger?arrow_forwardThe matching principle in accounting requires the matching of debits and credits.arrow_forward
- Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forwardExplain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardWhich of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accountsarrow_forward
- What does an X under the total of a special journals Other Accounts column signify?arrow_forwardThe process of entering transactions in the journal is known in accounting as _________. *arrow_forwardWhich of the following accounting records is the main source of information used to prepare thefinancial statements?A. journal entriesB. T-accountsC. trial balanceD. chart of accountsarrow_forward
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